Aura Responds to News Report of SEC Investigation.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--Jan. 26, 1999--Aura Systems Inc. (Nasdaq:AURA), responding Tuesday to a recent news report, said that the U.S. Securities and Exchange Commission (SEC) has advised the company that the SEC's current inquiry should not be construed as an indication that any violation of law has occurred. Aura reports that SEC staff, pursuant to a formal order of investigation, has subpoenaed certain information from the company. The investigation appears to relate to accounting matters in prior years. The staff of the SEC has also advised Aura that the inquiry is not a reflection upon any person, entity or security. The company is cooperating fully and does not believe that the matters referred to in the SEC staff's requests will have a material effect on the company's future financial condition or results of operations. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995: The foregoing news release contains various "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the company's expectations or beliefs concerning future events, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's belief concerning the SEC investigation. Of course, there can be no assurance as to how the SEC investigation will be resolved or its ultimate impact on the company. The company does not intend to update the status of the SEC investigation. |
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